Atlantic Power (NYSE:AT) announced Thursday that it will keep its monthly August dividend distribution level with the previous month, returning Canadian $0.0333 ($0.032) per share back to its investors.
The Canada-based utility has operations in the U.S. and Canada, and recently announced another quarter of better-than-expected earnings. The utility's shares have fallen significantly since its March announcement that it would cut its dividend by 66% to "establish a lower and more sustainable Payout Ratio that balances yield and growth."
The monthly dividend will be payable on Sept. 30 to Atlantic shareholders of record on Aug. 30, with non-Canadians subject to a 15% to 25% withholding tax rate. At current share prices, Atlantic Power's distribution offers investors a 9.6% annual yield.